Torrent Power Allots ₹3,800 Crore NCDs Across Multiple Maturities
Torrent Power has issued and allotted ₹3,800 Crore in Non-Convertible Debentures (NCDs) on June 24, 2026. The NCDs have maturities of 3, 5, 7, and 10 years, with coupon rates ranging from 8.10% to 8.20% p.a. The issuance is secured by company assets.
The issuance of ₹3,800 Crore in debt will impact the company's capital structure and leverage. The terms, including coupon rates and security, are material financial details.
The announcement details a routine debt fundraising activity through the issuance of NCDs, which is a standard financial operation for companies and does not inherently suggest a positive or negative development.
Torrent Power Limited has announced the issuance and allotment of Series 15 Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable and Non-Convertible Debentures (NCDs) on a private placement basis. The total issuance amounts to ₹3,800 Crore, comprising 3,80,000 NCDs with a face value of ₹1 Lakh each.
These NCDs have been allotted in Tranches A, B, C, and D, with varying maturity periods of 3, 5, 7, and 10 years, respectively. The respective allotment dates for all tranches are June 24, 2026. The maturity dates are June 24, 2029, June 24, 2031, June 24, 2033, and June 24, 2036.
The coupon rates offered are 8.10% p.a. for Series 15 Tranche A (₹750 Cr), 8.15% p.a. for Series 15 Tranche B (₹1000 Cr), and 8.20% p.a. for Series 15 Tranche C (₹1000 Cr) and Series 15 Tranche D (₹1050 Cr). Interest payments will be made annually, commencing on June 24, 2027. The principal repayment will occur on the respective maturity dates.
The NCDs are secured by a first pari passu charge on all present and future movable and immovable assets of the company, with certain exclusions for renewable projects and specific properties. Special provisions are in place regarding rating downgrades, which could lead to increased coupon rates or accelerated redemption. In case of delayed payments, additional interest of 2% per annum will be charged.
What to do with a filing like this
Torrent Power Limited filed this with the NSE as a statutory disclosure, categorised under debt fundraising. It is a primary document, not a recommendation, and the desk marks it medium impact: worth reading, rarely worth acting on by itself.
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See the model portfoliosA plain-language summary of a public exchange filing by Torrent Power Limited. Read the original for the full detail.